“The great cause of inequality in the distribution of wealth is inequality in the ownership of land. The ownership of land is the great fundamental fact which ultimately determines the social, the political, and consequently the intellectual and moral condition of a people.”
The greatest cause of inequality is smart versus stupid. I wasn't born with a silver spoon in my mouth but a great source of smarts. Owned my own business since 1975, (21 years old) had many rentals and never a mortgage on any of them. Been debt free for 40 + years and also worked as many as 5 jobs at one point. THAT is what it takes, not bellyaching about being treated with inequality. I can't fix stupid and sadly stupid people can't either.
Tag your are preaching to the choir. I WAS born with a silver spoon but I had a father who demanded hard work and honesty. It was my dad who made certain in me the need to work-ethic. I have been an entrepreneur since I was 21. I've owned small businesses with 25 (+/-) employees and at fifty years old I lost my shirt after not being able to close a $100 Million deal and ended up pushing brooms as a construction cleanup day laborer. I am also formally trained as a sociologist by the University of California and as a sociologist, I have observed up-close and personal, behavioral traits among the lower working class (proletariat) that are self-inflicted and detrimental. It all begins with sloth, tardiness and alcohol abuse.
However Tag, as a sociologist "neighborhood effects" must be a component of sound socio-economic science and that is where perhaps you and I will respectfully agree to disagree:
I'm on the "Neighborhood" app. It's interesting to see people who live in Milwaukee proper balking at the unabashed crime. I'm fortunate to live in a relatively safe suburb, where police still want to work. We'll see how long that lasts.
Since when does a first time home owner need a $400,000 home? "$125,000 to qualify for a loan to purchase a $400,000 home?” We purchased our home in 1977, and old farmhouse on 4 acres and the interest rate on our loan was 8.25% and made nowhere near $125.000 a year. Biggest problem I see is a society of "we want it all, right now" mentality and not willing to sacrifice our toys to make that happen. I follow real estate every day and there are plenty of nice first homes available in the $100,000 price range but not fancy enough to keep up with "the Jones?"
Hello, a lot next to us sold for 300m (Roman for thousand), I'm old. Where we live, most people are simply priced out of the market by people from the coast that think nothing of forking over cash for a million-dollar vacation home, that might even get used 4 times a year.
Association of Realtors (NAR) reported that the median price of homes purchased by first-time homebuyers was $215,000 in 2019. That is a 5.5% increase over the median price of $203,700 from 2018.1 Such rising prices and larger student loan debt have made it more difficult for young professionals to save enough money for a down payment on their first home. So today it's close to $250,000, that makes a mortgage to day of just under $1,700.00 a month, again most people can't afford that
$100K houses are like unicorns these days. A lot of houses that would go for this price are either AIrBNB’s or owned by hedge funds. Neither are particularly interested in maintaining communities.
I have a friend who looked for this unicorn last year and came away highly disappointed. She’s in her late 40’s and would be okay with a fixer upper, even those are too expensive for her budget.
In my area, farmers ended up selling off their land to developers b/c farming isn’t a popular career choice. The houses being built on those lots are between $400-500K. And in the ‘better’, adjacent areas $600-800K. It’s crazy, but people are moving in and willing to pay it.
We live in a midwestern regional market. It’s not like this is DC or Chicago, but here we are.
We paid around $100K (don’t remember exactly)for our starter in 2005. It was a disaster of a house. We didn’t stay in it long for a variety of reasons, but mostly mold issues. Ended up renting until we moved here about seven years ago. Glad we were able to purchase when we did. It is what it is.
Sadly, a lot of city dwellers remain hopelessly clueless.
And spoiled rotten!
“The great cause of inequality in the distribution of wealth is inequality in the ownership of land. The ownership of land is the great fundamental fact which ultimately determines the social, the political, and consequently the intellectual and moral condition of a people.”
― Henry George, Progress and Poverty - 1879
The greatest cause of inequality is smart versus stupid. I wasn't born with a silver spoon in my mouth but a great source of smarts. Owned my own business since 1975, (21 years old) had many rentals and never a mortgage on any of them. Been debt free for 40 + years and also worked as many as 5 jobs at one point. THAT is what it takes, not bellyaching about being treated with inequality. I can't fix stupid and sadly stupid people can't either.
Tag your are preaching to the choir. I WAS born with a silver spoon but I had a father who demanded hard work and honesty. It was my dad who made certain in me the need to work-ethic. I have been an entrepreneur since I was 21. I've owned small businesses with 25 (+/-) employees and at fifty years old I lost my shirt after not being able to close a $100 Million deal and ended up pushing brooms as a construction cleanup day laborer. I am also formally trained as a sociologist by the University of California and as a sociologist, I have observed up-close and personal, behavioral traits among the lower working class (proletariat) that are self-inflicted and detrimental. It all begins with sloth, tardiness and alcohol abuse.
However Tag, as a sociologist "neighborhood effects" must be a component of sound socio-economic science and that is where perhaps you and I will respectfully agree to disagree:
https://docs.google.com/document/d/1KOsd36mpOGRFpgrLsmNn0KNo7QwdIwgz9EZiQqVNkJ8/edit?usp=sharing
Warmest regards Tag,
Carl L. McWilliams
Thanks Michael. God bless.
Sell an organ 🤣🤣
I'm on the "Neighborhood" app. It's interesting to see people who live in Milwaukee proper balking at the unabashed crime. I'm fortunate to live in a relatively safe suburb, where police still want to work. We'll see how long that lasts.
until the great reset happens, then no place will be safe.
Since when does a first time home owner need a $400,000 home? "$125,000 to qualify for a loan to purchase a $400,000 home?” We purchased our home in 1977, and old farmhouse on 4 acres and the interest rate on our loan was 8.25% and made nowhere near $125.000 a year. Biggest problem I see is a society of "we want it all, right now" mentality and not willing to sacrifice our toys to make that happen. I follow real estate every day and there are plenty of nice first homes available in the $100,000 price range but not fancy enough to keep up with "the Jones?"
Hello, a lot next to us sold for 300m (Roman for thousand), I'm old. Where we live, most people are simply priced out of the market by people from the coast that think nothing of forking over cash for a million-dollar vacation home, that might even get used 4 times a year.
I'm sure you are right. All I can say is I am glad I live where I do and not where you do.
Association of Realtors (NAR) reported that the median price of homes purchased by first-time homebuyers was $215,000 in 2019. That is a 5.5% increase over the median price of $203,700 from 2018.1 Such rising prices and larger student loan debt have made it more difficult for young professionals to save enough money for a down payment on their first home. So today it's close to $250,000, that makes a mortgage to day of just under $1,700.00 a month, again most people can't afford that
$100K houses are like unicorns these days. A lot of houses that would go for this price are either AIrBNB’s or owned by hedge funds. Neither are particularly interested in maintaining communities.
I have a friend who looked for this unicorn last year and came away highly disappointed. She’s in her late 40’s and would be okay with a fixer upper, even those are too expensive for her budget.
In my area, farmers ended up selling off their land to developers b/c farming isn’t a popular career choice. The houses being built on those lots are between $400-500K. And in the ‘better’, adjacent areas $600-800K. It’s crazy, but people are moving in and willing to pay it.
We live in a midwestern regional market. It’s not like this is DC or Chicago, but here we are.
We paid around $100K (don’t remember exactly)for our starter in 2005. It was a disaster of a house. We didn’t stay in it long for a variety of reasons, but mostly mold issues. Ended up renting until we moved here about seven years ago. Glad we were able to purchase when we did. It is what it is.